The perfect storm continues.
A new study by commercial real estate firm CBRE found that the vacancy rate for downtown Toronto office space hit 15.8 per cent in the second quarter of 2023, the highest it’s been since 1996. That’s up from just two per cent in March 2020, when the pandemic was declared.
The work-from-home trend that gathered momentum during the pandemic, fears of an economic slowdown and layoffs in the tech sector have been a triple whammy for office space, said Michael Case, managing director of CBRE’s downtown Toronto office.
Looks like Chowtown has an answer to the homeless crisis.
